Forex and Crypto News

Bitcoin price not bullish yet

15:06 29 October /2019

Over the weekend, we watched how the price of Bitcoin rose by 42%, from $7,300 to $10,600 in just a couple of hours. It was one of the most active bull rallies in the history of Bitcoin.

However, not all analysts are convinced that this rally was the beginning of a bull trend and provide some evidence.

The area around $10,300 is historically important, and until Bitcoin settles here, it's too early to talk about the start of the bull trend. And an attempt to test new lows is still likely.

Some analysts focus on the fact that this bearish trend lowered the price of Bitcoin from $14,000 to $7,300. And Saturday's growth is not yet an indicator of its completion, but rather a correction. Recent growth, according to Wyckoff’s research, may simply be a “return” to a bullish trend before a possible breakdown, defined by the analyst as a “markdown”.

If we start to consider the fundamental data, we see it speak in favor of a rise in the price of Bitcoin.

The financial director of the Bakkt exchange spoke about plans to attract the attention of investors in the cryptocurrency. The company is “focused on developing a consumer application and portal for sellers, which the company’s first partner, Starbucks, will test. The test is scheduled for the first half of next year."

The likely adoption of Starbucks is already a breakthrough, as it shows that cryptocurrencies are starting to go into widespread consumption.

It is also worth noting the growth of BTC futures markets. Bakkt reported two days of 500+ BTC and one day of more than 1000 BTC last week.

Also, the geopolitical situation contributes to the growth of attention not only to Bitcoin but also to cryptocurrencies in general.

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